But Steinhafel is getting much more than the initial news headlines suggested. He's leaving with an additional $33.1 million in non-qualified deferred compensation, a sort of super-sized 401(k), and $1.2 million from a pension that he didn't have to pay back. Also not included in the headline figure endorsed by Target are Steinhafel's stock options that he can continue to exercise over the next five years. Some are underwater, but even at today's depressed stock price these are worth $10.8 million.
Thus Gregg Steinhafel's full walk-away package is $61 million.
Calculations courtesy of Fortune.
The amount is outrageous in it's own right, but to add insult to injury.
Meanwhile, the fund Target set up to pay employees as it winds down operations over the next four months is set at $56 million U.S. (That's $70 million Canadian, at current exchange rates.)
Interestingly, Target's money-losing foray into Canada was one of the top reasons cited for Steinhafel's departure when he resigned last May, along with the retailer's infamous credit card data breach.
Not only is a single person getting more money than 17,600 employees, but the main reason he's being canned is for screwing up the foray into Canada! He should get zero severance that extra $61 million should be paid out to the unfortunate 17,600 employees. There's no wonder the Occupy Movement and discussion of the 1% has gone mainstream.